Israeli company Mindsense Biosystems has completed a cooperation project with US traded company Ciphergen Biosystems. The companies completed preliminary research and biomarking concerning clinical depression.
Biomarkers, found in the blood system, reveal the existence of diseases. The cooperation between the companies will continue in the form of a larger project scheduled to start this quarter.
Other Ciphergen Biosytems projects include research in preteomics relating to six types of cancer. The company develops, manufactures and markets a kit enabling detection, identification and analysis of proteins as a tool for understanding protein processes in the body.
Ciphergen Biosystems, issued in October, is traded at a company value of $314 million. Last week, the share dived 35%, after publishing a profit warning for Q4 2000. Ciphergen Biosystems announced that revenues would be 10-15% lower than earlier forecasts.
Mindsense Biosystems develops a kit for the diagnosis of mental disorders through blood tests. The company was founded by Joav Avtalion and Dr. Gabriel Schreiber. In September 1999, the company raised $2.7 million from US company Shamrock, the Comsor fund (owned by Comverse and George Soros), Biomedical Investments Fund, AG-Tech Fund of the Nessuah Zannex group and private investors. NICE founders Didi Arzi, Benny Levin and Micky Golan invested in the company in 1998. To date, the company has raised $7.5 million. Mindsense Biosystems' CEO is Nir Nimrodi.
Published by Israel's Business Arena on 14 January, 2001